China's much-publicized slowdown is affecting the world in different ways. The drop in the yuan has already forced the Bank of Japan to adopt interest rates below zero percent. The European Central Bank is expected to increase monetary easing in March. Uncertainty has gripped global financial markets , leading equities to experience their worst annual start in decades. Commodity prices, which have relied on Chinese investment, continue to fall, causing problems for producers all over the world . But it is not just producers who are suffering: China's slowdown is also hitting the global industrial sector, particularly European steel. The European Union will have to decide this year whether to grant China market economy status at the World Trade Organization (WTO). A market economy, as the name implies, is one driven by market forces, such as businesses, banks and consumers.